All Forum Posts by: Jay Thomas

hey all,

did anyone here called for an electrical inspection lately?

how long did it take to hear back from them?

thanks

@Ryan Bird I have several contacts if you still need someone. I have worked with several independent brokers over the years, and they are definitely the way to go. I switched away from State Farm a few years back, and all my buildings are with independents now. 

Thank you all for your helpful answers.

I found 3 unit multifamily property, good area, price is $580,000 ( 2 units are 2bed/1 bath and 1 unit 1 bed//1bath) They can rent for $1700 (2 bed) and $1100 (1 bed). Total: $4500/month

I can come up with 25-30 % for downpayment, but still rates seems high.

Expenses that I'm aware of property tax: 8K/yr

Property insurance: estimate $1200/yr

To add the cost of vacancy and maintenance (10% total of the annual rent)

Any other expense that I'm missing?

This is helpful feedback. 

Currently evaluating Stessa and Digb, left Quickbooks to go back to spreadsheets. 

Hi all,

I had been using Stessa since I started investing in real estate to manage accounting on my 4 units. I have a property manager that handles payments/tenant screening so I don't need anything too fancy yet, but I liked the dashboard visuals to see where things were at, and to be able to have all of my transactions and my PMs in one place for tax time. When Stessa abruptly put all their useful features behind a paywall in January with no warning, no added features, and still tons of connectivity/syncing issues, I lost trust in them and have been casually searching for a new solution. What are others using and how has your experience been? Some nice to haves would be: double-entry accounting, a solid dashboard with useful performance metrics, bank account linking, and a place to show rents/upcoming lease expirations without being forced to collect it through the platform. I would also like it to be simple to import all my old transactions from excel. I'd like it to be affordable, and I do plan on expanding. What are you using that you'd recommend? Thanks!

 @Jay ThomasThat's the thing. I entered accumulated depreciation as a credit, but it showed as +$300 in the balance sheet. That made me a bit concerned about their reports.

@Greg Soon I tested REIHub thought feature wise, their software is professional and complete However, I also thought they are too technical for investors and require too many steps in bookkeeping. Please reach out if you'd like to learn more!

PS: I was confused why accumulated depreciation was positive in their balance sheet. If it works exactly the way I saw, it could be a mistake.